{"id":5378,"date":"2024-03-25T06:00:31","date_gmt":"2024-03-25T04:00:31","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=5378"},"modified":"2024-03-25T06:00:31","modified_gmt":"2024-03-25T04:00:31","slug":"accenture-fans-it-industry-spending-gloom-with-annual-forecast-cut","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=5378","title":{"rendered":"Accenture fans IT industry spending gloom with annual forecast cut"},"content":{"rendered":"
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IT services provider Accenture <\/strong>cut its fiscal-year 2024 revenue forecast on Thursday, as an uncertain economy prompts clients to curtail spending on its consulting services, sending its shares down around 5.6 per cent in premarket trading.<\/p>\n

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Accenture now expects full-year revenue growth in the range of 1 per cent to 3 per cent, from its prior forecast of 2 per cent to 5 per cent.
\nThe firm has been grappling with sluggish demand for its IT and consulting services as high interest rates slam the brakes on an industry that benefited from breakneck growth during the pandemic.
\nThat has led the company to lay off employees, with Accenture set to book $450 million in severance-related costs this fiscal year after recording $1.1 billion the previous year when it said it would cut around 19,000 jobs, or 2.5 per cent of its workforce.
\nRivals Tata Consultancy Services (TCS.NS) and Infosys (INFY.NS), two of India\u2019s top consulting firms, also reported downbeat quarterly results earlier this year as spending dries up.
\nAnalysts from Baird Equity say growth in the industry has been decelerating over the past six quarters and that it \u201cmight take a couple of years for Accenture to return\u201d to mid- to high-single-digit organic growth.
\nThe company also forecast third-quarter revenue in the range of $16.25 billion to $16.85 billion, below an estimate of $17.01 billion, according to LSEG data.
\nNew bookings, a key indicator of future revenue, fell 2 per cent to $21.58 billion for the second quarter, while revenue for its Communications, Media & Technology segment fell 8 per cent year-over-year.
\nAccenture reported revenue of $15.80 billion, slightly lower than analysts\u2019 estimate of $15.84 billion.
\nOn an adjusted basis, the company earned $2.77 per share, compared with an estimate of $2.66 per share.<\/p>\n","protected":false},"excerpt":{"rendered":"

Accenture, an IT services provider, reduced its fiscal-year 2024 revenue forecast due to an uncertain economy leading clients to reduce spending on consulting services, which resulted in a 5.6% drop in its shares in premarket trading. The company now expects a full-year revenue growth of 1% to 3%, down from the previously forecasted 2% to 5%. Accenture has faced sluggish demand for its IT and consulting services, prompting layoffs and severance-related costs of 0 million this fiscal year, following .1 billion the previous year for cutting around 19,000 jobs, or 2.5% of its workforce. Rivals Tata Consultancy Services and Infosys also reported lower quarterly results earlier in the year. Analysts from Baird Equity noted a deceleration in industry growth over the past six quarters and suggested it might take years for Accenture to return to mid- to high-single-digit organic growth. The company forecasted third-quarter revenue between .25 billion and .85 billion, below the estimated .01 billion. New bookings fell 2% to .58 billion for the second quarter, with revenue for its Communications, Media & Technology segment decreasing by 8% year-over-year. Accenture reported a revenue of .80 billion, slightly below the analysts’ estimate of .84 billion, and an adjusted earnings of .77 per share, compared to the estimated .66 per share.<\/p>\n","protected":false},"author":3,"featured_media":5379,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1521,3283,2511,3,2369,641,26,250,937,1991,899,1401,28,2952,2357,1894,1806,1682,618],"class_list":["post-5378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-1521","tag-consulting-services","tag-costs","tag-cyprus","tag-data","tag-earnings","tag-economy","tag-google","tag-india","tag-industry","tag-interest","tag-interest-rates","tag-jobs","tag-media","tag-revenue-forecast","tag-revenue-growth","tag-services","tag-technology","tag-top"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\nAccenture fans IT industry spending gloom with annual forecast cut<\/title>\n<meta name=\"description\" content=\"revenue forecast. economy, revenue forecast, consulting 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